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5 Things to Know Today: Gas Tax Holiday Extended to 2027, BoC Holds, TSX Rebounds

  September 3, 2026 A big one for your wallet just landed: Ottawa is keeping the gas tax break alive well past Labour Day. Here's what else moved markets and money in Canada today. 1. Gas tax holiday extended to January 31, 2027 The federal fuel excise tax break that was set to expire on Labour Day (Sept. 7) isn't going anywhere. Finance Minister François-Philippe Champagne confirmed the suspension of the 10-cent-per-litre gasoline excise tax and 4-cent-per-litre diesel tax will now run until January 31, 2027, before being phased back in at half-rate from Feb. 1 to March 31 and fully restored April 1. Ottawa first introduced the break in April to offset oil-price shocks tied to the Iran war. What it means for you: The scheduled Sept. 8 jump of 10–11 cents a litre is off the table for now. CAA pegged the national average at 172.9 cents/litre this week — budget around that level rather than the higher price many drivers had braced for. 2. Bank of Canada holds rate at 2.25% for a...
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Canada’s Railways and Union in Critical Talks as Midnight Deadline Looms

 

Canada’s two major freight railroads, Canadian National Railway (CN) and Canadian Pacific Kansas City (CPKC), are currently embroiled in intense labor negotiations. The stakes are high: if an agreement isn’t reached by midnight, thousands of workers could face a lockout. This would halt the movement of approximately $1 billion worth of goods that traverse these companies’ tracks daily.

Prime Minister Justin Trudeau has urged both sides to continue their efforts at the negotiation table. He emphasized that millions of Canadians, workers, farmers, and businesses across the country are counting on a resolution. The Canadian Chamber of Commerce, Business Council of Canada, Canadian Federation of Independent Business, and the Canadian Manufacturers & Exporters have also called on the federal government to take immediate action to keep trains running and goods flowing.

The situation remains tense, and the outcome will have significant implications for the Canadian economy. Let’s hope that a last-minute agreement can be reached to avert a major rail stoppage. 

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